Heat a heavy nonstick saute pan over medium heat. Add the canola oil and the onions. Stir until onions are coated with the oil. Stop stirring the onions and allow to sit until caramelization begins. Once the onions start to turn brown, stir only when necessary to prevent burning.
Once onions are caramelized (they'll be brown and sweet), add the balsamic vinegar and continue to saute until balsamic vinegar is nearly dry. Mix the caramelized onions with the sour cream, garlic powder and seasoning salt. Mix completely and pour into a small bowl. Place in refrigerator to allow the flavors to mellow for 30 minutes. Serve with baked potato chips.